Some Banks Charge Up To $25 To Cash Checks
May 4, 2020
Two of Pennsylvania’s largest banks have agreed to cash stimulus checks – for both customers and non-customers – without fees, and will not offset stimulus payments to customers against penalty fees. Pennsylvania Treasurer Joe Torsella, who brokered the arrangement, called on other Pennsylvania financial institutions to do the same. Paper stimulus checks will arrive through mail over the coming days and weeks.
“The stimulus checks coming in from the federal government are meant to help Pennsylvanians get through this crisis,” said Torsella. “This is an opportunity for financial institutions to help play a critical role in the financial health of those they serve. If all financial institutions throughout the commonwealth adopted the same policy, Pennsylvanians could literally save as much as tens of millions of dollars in unnecessary check cashing fees alone.”
Check processing fees can vary by institution and type of check with some fees as much as $25 per check.
“At Wells Fargo, we want to help Pennsylvanians who are receiving stimulus payments get access to those funds as quickly as possible, and support those experiencing financial hardships due to the pandemic,” said David Miree, Wells Fargo Northeast lead region president. “Pausing the collection of negative balances for 30 days and cashing stimulus payment checks for customers and non-customers in our branches, with no fees charged, are important ways we can help the communities we serve during this challenging time.”
“PNC appreciates the importance of the economic impact payments to individuals throughout the nation, and we stand ready to help our customers and non-PNC customers access their funds,” said Todd Barnhart, executive vice president and head of retail distribution for PNC Bank. “Subject to availability, and with the proper identification, PNC will process economic impact check payments for non-PNC customers at no charge. However, we strongly encourage those with accounts elsewhere to use their own financial institutions to cash their checks.”
Torsella encourages all Pennsylvanians to contact their financial institution prior to cashing their stimulus check to inquire about any possible fees in an effort to preserve those funds.
Your boss doesn’t like it any better than you do.